In a small bowl, combine chili powder, cumin, garlic powder, onion powder, smoked paprika, salt, and black pepper to create the fajita seasoning.
Toss the steak strips with 1 tablespoon of the seasoning mixture until evenly coated.
Heat 1 tablespoon of olive oil in a large cast-iron skillet over high heat until shimmering.
Add the steak in batches, searing for 2 minutes per side until browned and cooked to desired doneness, then remove and set aside.
Add the remaining tablespoon of olive oil to the same skillet over medium-high heat.
Sauté the bell peppers and onions for 5 to 7 minutes until tender-crisp and slightly charred.
Return the steak to the skillet, add the remaining seasoning, and toss for 1 minute to incorporate flavors.
Prepare the cauliflower rice by sautéing in a separate pan for 5 minutes, then stir in lime juice and cilantro.
Divide the cauliflower rice into four containers and top with the steak and vegetable mixture.